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Mortgage Applications Fall 3.9% Amid Rising Supply

6/5/2025

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Summary

Story summary

Mortgage applications declined by 3.9% last week, continuing a three-week downward trend, per the MBA.
The average interest rate for 30-year fixed mortgages decreased to 6.92%, while refinance activity fell by 4%.
Home purchase applications dropped 4%, though they are still 18% higher compared to last year.
Increased market supply is boosting purchase demand, yet closed sales remain below last year's levels.

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Story summary

Mortgage applications declined by 3.9% last week, continuing a three-week downward trend, per the MBA.
The average interest rate for 30-year fixed mortgages decreased to 6.92%, while refinance activity fell by 4%.
Home purchase applications dropped 4%, though they are still 18% higher compared to last year.
Increased market supply is boosting purchase demand, yet closed sales remain below last year's levels.